There are many types of collectors in the world, but few are as enthusiastic as sports fans. Between baseball cards, signed jerseys, and other valuable items, the sports memorabilia market will reach $33 billion this year. Yet the market isn’t finished growing — experts predict it will surpass $200 billion by 2032, thanks in no small part to revenue generated by sports NFT projects.
The market for non-fungible tokens has exploded in recent years, bringing windfalls to savvy creators and collectors alike. The inherent collectibility of NFTs makes them a natural avenue for professional athletes, as well as a compelling way to bridge the ever-present revenue gap between people who make sports happen (the players) and the people who really rake in the money (the owners).
Over the next few days (and weeks!) you’ll start to see what we’ve been hard at work on.
The idea of a "physical-backed NFT" may sound like a contradiction in terms. NFTs often refer to digital things you can truly own, so what does it mean to have a physical-backed NFT?
Monetizing one’s property and collectibles with NFT tokenization can be lucrative, but it requires more than the blockchain. Since the value of each token depends on a physical asset, NFT marketplaces must guarantee that each item is authentic and its condition will not degrade over time. For these reasons, appraisal and vaulting solutions have become essential components of NFT trading.
As the world continues its digital shift, asset tokenization is allowing fans to bring their physical memorabilia into the electronic world. Now, businesses can help with the transition while making money along the way, tokenizing their own assets as physical backed NFT collectibles. Here’s a complete breakdown of how the tokenization of assets works, the benefits it brings, and how organizations can get involved.
The world of sports card collecting changes every single day, always keeping those in the market for cards on their toes. Rookie cards in particular are a risky gambit, as an unknown player that showed up in that pack you just opened could turn out to be a sensation, while a projected next big star could stumble their way to a quick exit from the league.
The internet has changed the way that consumers interact with their favorite brands and IP, with social media giving them a direct line to interact with the companies they love the most. However, a new era of the internet is rapidly approaching, and with it, new opportunities for organizations to connect with their fans. The big innovation? Tokenization - the secure digitization of physical goods that allows for a new type of asset ownership.
Cryptocurrency, NFTs, DeFi tokenized assets — the tech world has been buzzing with these terms for the last few years, but many companies remain unaware of asset tokenization and its potential for delivering new streams of revenue. It’s understandable; the tokenization of physical assets is still a relatively new concept, as well as being technically complex. Still, many businesses are finding that knowing the ins and outs of asset tokenization is a worthwhile endeavor, especially with so many untapped market opportunities. If you’re ready to dip your toe into the exciting world of web3, read on to learn more about tokenized assets and how they can boost your brand.